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NJust an hour ago I opened a new account at a large psu bank. It went quick as I had another account with the bank at a different branch
Then I was asked to sign on a document that I found odd but it was bank closing time so I did it in a hurry but I immediately asked what it was for and they said it was insurance but didn’t tell me it was a life insurance. I assumed it was for some bank insurance.
Later they said it’ll cost some 400 rupees and told me to have enough balance in my account
Later after an hour I looked up what it was and it turned out to be some life insurance and I wasn’t told any details about this and was signed up for it without my knowledge
It’s just been an hour since it happened and no charges got deducted. What action can I take now?
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SThe Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year renewable term life insurance scheme offered by banks. It provides coverage of ₹2 Lakh in case of death. The annual premium is ₹436. To cancel the policy, call their customer care & ask for immediate cancellation of the policy. Keep a copy of your complaint and any acknowledgment you receive from the bank. If your complaints to the bank are not resolved within 30 days, you can escalate the matter to the RBI Ombudsman
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CDon’t worry all insurances default have something called free look period of 14 days .
You can cancel get full amount refunded without any issues.
Complaint on rbi ombudsman about the mis-selling insurance without any proper details or forcefully asking you to get an insurance type complaint that’s it-
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CDeal with the bank first it’s easier that way .
And calling them on their helpline should be easy enough and they may cancel it too I believe this shitty bank is probably sbi as they tried this underhand shit to me too lol-
NIt’s canara
I have a doc of rule from rbi making this kind of practice illegal. Should I take it with me to them?
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N**Subject:** Request for withdrawal from PMJJBY Scheme
Dear Sir,
I am writing to bring your attention to the forms signed under Canara Aspire account opening on **3****^(rd)** **April 2025**. During the opening process, I was told to sign a form and no proper information was provided to me regarding the form during the account opening process and was asked to sign it and was only told that it was some insurance and it would cost me some 436 INR for the insurance and 20 INR for the form. No other details were provided.
Upon researching further I came to know that the form that I signed was for **Pradhan Mantri Suraksha Bima Yojana Scheme** which is a life insurance scheme providing insurance of 2 Lakhs on insurance claim. Details regarding this were not disclosed when filling the form.
I hereby would like to withdraw my consent and fill an **OPT OUT** form to withdraw from this scheme and cancel my auto debit and refund any money deducted from my Canara Aspire Account bearing the account number towards this insurance policy.
I hope you will consider this request and take appropriate action. I would appreciate your prompt attention to this matter and look forward to a resolution soon.
Thank you for your cooperation.
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taking this letter with me tomorrow, is this ok?
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NLeaving this for future reference in case someone else realises that they’ve been scammed too (honestly they did it for too many people)
Dear Sir/Madam,
I am writing to formally lodge a complaint regarding the non-transparent enrollment into the [Scheme name] scheme during the opening of my Canara Aspire Account (Account No: [XXXXXX]) on 3rd April 2025 at your branch.
Grievance Details:
Lack of Disclosure & Misrepresentation:
At the time of account opening, I was instructed to sign a form without being provided its complete details or terms. The bank representative merely stated it was for “insurance” costing ₹436 + ₹20 (form charges), with no further explanation.
I later discovered that the form pertained to PMSBY, a life insurance scheme with an auto-debit mandate. Critical details—such as coverage terms, auto-debit consent, and opt-out procedures—were not disclosed, violating RBI’s Fair Practices Code and IRDAI’s guidelines on informed consent.
Unauthorized Enrollment & Deduction:
My consent was obtained under misrepresentation (as the purpose and implications were concealed), rendering the enrollment voidable under Section 19 of the Indian Contract Act, 1872.
Any deduction made or proposed to be made from my account for PMSBY is unauthorized, as I was never afforded the opportunity to exercise informed choice.
Remedial Demands:
I hereby demand the following immediate actions:
Cancel my PMSBY enrollment and confirm the termination of auto-debit mandates.
Refund any amount(s) deducted under this scheme with applicable interest.
Provide a written acknowledgment of this cancellation and refund.
Regulatory Recourse:
Should the bank fail to resolve this matter within 15 days of receipt of this letter, I will be constrained to escalate the issue to the Banking Ombudsman (RBI) and pursue further legal remedies for mis-selling and breach of trust.
I trust you will address this grievance with urgency. Kindly acknowledge receipt of this letter and provide a resolution in writing at the earliest.
Sincerely,
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